| Nevada                                                                   |   | 46-0521269                                |
|--------------------------------------------------------------------------|--------|-------------------------------------------|
| (State or      other jurisdiction of incorporation      or organization) |   | (I.R.S.      Employer Identification No.) |

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| PART      I - FINANCIAL INFORMATION                                                                        |  2 |
|------------------------------------------------------------------------------------------------------------|---------|
| Item      1.Financial      Statements                                                                      |  2 |
| Item      2.Managements      Discussion and Analysis of Financial Condition and Results of      Operations |  3 |
| Item      3.Quantitative      and Qualitative Disclosures About Market Risk                                |  6 |
| Item      4.Controls and      Procedures                                                                   |  6 |
| PART      II OTHER INFORMATION                                                                             |  7 |
| Item      1.Legal      Proceedings                                                                         |  7 |
| Item      2.Unregistered      Sales of Equity Securities and Use of Proceeds                               |  7 |
| Item      3.Defaults Upon      Senior Securities                                                           |  7 |
| Item      4.Submission of      Matters to a Vote of Security Holders                                       |  7 |
| Item      5.Other      Information                                                                         |  7 |
| Item      6.Exhibits                                                                                       |  7 |

----

PART I - FINANCIALINFORMATION

Item1. FinancialStatements

| Consolidated      Balance Sheets as of December 31, 2009 and June 30, 2009 (Unaudited)                                                                                                                                                                                                                                                                |  F1 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| Consolidated      Statements of Operations for the three and six months ended December 31,      2009 and 2008 (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  F2 |
|  Consolidated      Statements of Cash Flows for the six months ended December 31, 2009 and      2008 (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  F3 |
|  Notes to the      Consolidated Financial Statements (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  F4 |

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|                                                                                                                                                            |    | December 31, 2009 |                                                            |         | June 30, 2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-----------------------------|-----------------------------------------------------------------|--------------|-------------------------|--------|
| Assets                                                                                                                                                          |    |                        |                                                            |         |                    |   |   |   |
| Current      assets:                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |
| Cash                                                                                                                                                            |    | $                           | 4,764                                                           |    |                    | $      | 3,375,449 |    |
| Accounts      receivable, net of allowance of $35,724 and $35,724,      respectively                                                                            |         |                        | 1,505,396                                                       |         |                    |   | 1,526,497 |   |
| Notes      receivable                                                                                                                                           |         |                        | 2,985,      345                                                 |         |                    |   | - |   |
| Total current      assets                                                                                                                                       |    |                        | 4,495,505                                                       |    |                    |   | 4,901,946 |    |
|                                                                                                                                                            |         |                        |                                                            |         |                    |   |   |   |
| Fixed assets,      net                                                                                                                                          |         |                        | 83,973                                                          |         |                    |   | 109,213 |   |
| Intangible      assets, net                                                                                                                                     |         |                        | 61,614                                                          |         |                    |   | 67,404 |   |
| Other      assets                                                                                                                                               |         |                        | 73,350                                                          |         |                    |   | 73,265 |   |
| Assets held      for sale                                                                                                                                       |    |                        | -                                                               |    |                    |   | 1,172,240 |    |
| Film      costs                                                                                                                                                 |    |                        | 2,062,602                                                       |    |                    |   | 594,912 |    |
|                                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |
| Total      assets                                                                                                                                               |    | $                           | 6,777,044                                                       |    |                    | $      | 6,918,980 |    |
|                                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |
| Liabilities      and Stockholders’ Equity                                                                                                                 |    |                        |                                                            |         |                    |   |   |   |
| Current      liabilities:                                                                                                                                       |    |                        |                                                            |         |                    |   |   |   |
| Accounts      payable                                                                                                                                           |    | $                           | 171,247                                                         |    |                    | $      | 171,097 |    |
| Accrued      liabilities                                                                                                                                        |    |                        | 4,683                                                           |    |                    |   | 5,003 |    |
| Short term      debt                                                                                                                                            |    |                        | -                                                               |    |                    |   | 117,224 |    |
| Due to      related parties                                                                                                                                     |    |                        | 197,703                                                         |    |                    |   | 67,887 |    |
|                                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |
| Total current      liabilities                                                                                                                                  |    |                        | 373,633                                                         |    |                    |   | 361,211 |    |
|                                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |
| Stockholders’      equity                                                                                                                                 |    |                        |                                                            |         |                    |   |   |   |
| Common Stock,      $0.00001 par value—authorized, 180,000,000 shares; issued, 39,750,000      and 39,743,000; outstanding, 39,750,000 and 39,743,000 |    |                        |           398 |    |                    |   | 397 |   |
| Additional      paid-in capital                                                                                                                                 |    |                        | 8,753,202                                                       |    |                    |   | 8,747,335 |    |
| Accumulated      other comprehensive income                                                                                                                     |         |                        | 754,951                                                         |         |                    |   | 749,609 |   |
| Accumulated      deficit                                                                                                                                        |    |                        | (5,214,216                                                      | )       |                    |   | (5,109,180 | )  |
|          Total      Vallant Pictures Entertainment Co., Ltd stockholders'    equity                                |    |                        |  4,294,335                                                 |         |                    |   |  4,388,161 |   |
| Non-controlling      interest                                                                                                                                   |         |                        | 2,109,076                                                       |         |                    |   | 2,169,608 |   |
| Total      stockholders’ equity                                                                                                                           |    |                        | 6,403,411                                                       |         |                    |   | 6,557,769 |   |
|                                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |
| Total      liabilities and stockholders’ equity                                                                                                           |    | $                           | 6,777,044                                                       |    |                    | $      | 6,918,980 |    |
|                                                                                                                                                            |    |                        |                                                            |         |                    |   |   |   |

----

|                                                                                |    | Three      Months Ended December 31, |            |         | Six      Months Ended December 31, |   |
|-------------------------------------------------------------------------------------|--------------|------------------------------------------------|-----------------|--------------|----------------------------------------------|--------|
|                                                                                |    | 2009                                           |            |         | 2008                                         |   |   | 2009 |   |   | 2008 |   |
| Revenue                                                                             |         | $                                              | 1,173,067       |    |                                         | $      |      - |    |   | $ | 1,173,067 |   |   | $ |  - |   |
| Cost of      revenues                                                               |    |                                           | 1,173,067       |    |                                         |   |  - |    |   |   | 1,173,067 |   |   |   |     - |    |
| Gross      profit                                                                   |         |                                           | -               |         |                                         |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                |         |                                           |            |         |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Selling,      general and administrative                                            |    |                                           | 111,870         |    |                                         |   | 62,231 |    |   |   | 136,541 |    |   |   | 107,434 |    |
| Depreciation      and amortization expense                                          |    |                                           | 15,621          |    |                                         |   | 18,058 |    |   |   | 31,221 |    |   |   | 36,803 |    |
|          Total      operating expenses |    |                                           |  127,491   |         |                                         |   |  80,289 |   |   |   |  167,762 |   |   |   |  144,237 |   |
|                                                                                |         |                                           |            |         |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                       |         |                                           |  (127,491) |         |                                         |   |  (80,289) |   |   |   |  (167,762) |   |   |   |  (144,237) |   |
| Less: Net      loss attributable to non-controlling interest                        |    |                                           | 47,668          |    |                                         |   | 30,020 |    |   |   | 62,726 |    |   |   | 53,930 |    |
|  Net      loss attributable to Vallant Pictures Entertainment Co.,    Ltd      |    |                                           |  (79,823)  |         |                                         |   |  (50,269) |   |   |   |  (105,036) |   |   |   |  (90,307) |   |
|                                                                                |         |                                           |            |         |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Other      comprehensive income (loss)                                              |         |                                           |            |         |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Foreign      currency translation                                                   |    |                                           | 6,524           |    |                                         |   | (4,908) |    |   |   | 5,342 |    |   |   | 2,336 |   |
|                                                                                |    |                                           |            |         |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      loss                                                             |    |                                           | (120,967        | )       |                                         |   | (85,197 | )  |   |   | (162,420 | )  |   |   | (141,901 | )  |
| Less:      comprehensive loss attributable to non-controllinginterest               |    |                                           | 47,668          |    |                                         |   | 30,020 |    |   |   | 62,726 |    |   |   | 53,930 |    |
| Comprehensive      loss attributable to Vallant Pictures Entertainment Co.,    Ltd  |    | $                                              | (73,299         | )       |                                         | $      | (55,177 | )  |   | $ | (99,694 | )  |   | $ | (87,971 | )  |
|                                                                                |    |                                           |            |         |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Net loss per      share basic and diluted                                           |    | $                                              |  (0.00)    |         |                                         |   |  (0.00) |   |   |   |  (0.00) |   |   |   |  (0.00) |   |
| Weighted      average number of shares outstanding basic and diluted                |    |                                           | 39,750,000      |    |                                         |   | 39,743,000 |    |   |   | 39,750,000 |    |   |   |        39,743,000 |    |

----

|                                                                                            |   | Six Months Ended December 31 |       |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                                                                            |   | 2009                                             |       |   | 2008 |   |
| Operating      activities:                                                                      |   |                                             |       |   |   |   |
| Net      loss                                                                                   |   | $                                                | (167,762   | ) |   | $ | (144,237 | ) |
| Adjustments      to reconcile net income (loss ) to net cash used in operating      activities: |   |                                             |       |   |   |   |   |   |
| Depreciation      expense                                                                       |   |                                             | 25,240     |   |   |   | 25,292 |   |
| Amortization      expense - intangible                                                          |   |                                             | 5,790      |   |   |   | 12,250 |   |
| Contributed      Rent                                                                           |   |                                             | 5,868      |   |   |   | 5,842 |   |
| Changes in      operating assets and liabilities:                                               |   |                                             |       |   |   |   |   |   |
| Accounts      receivable                                                                        |   |                                             | (96,123    | ) |   |   | 17,132 |   |
| Prepaid      expenses and other current assets                                                  |   |                                             | -          |   |   |   | 16,638 |   |
| Film      costs                                                                                 |   |                                             | (293,400)  |   |   |   | - |   |
| Accrued      expenses                                                                           |   |                                             | (320       | ) |   |   | (3,985 | ) |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| Net cash      provided by (used in) operating activities                                        |   |                                             | (520,707)  |   |   |   | (71,068 | )  |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| Investing      activities:                                                                      |   |                                             |       |   |   |   |   |   |
| Collections      of note receivable                                                             |   |                                             | 1,467,000  |   |   |   | - |   |
| Loans made to      others                                                                       |   |                                             | (4,452,345 | ) |   |   | - |   |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| Net cash      (used in) investing activities                                                    |   |                                             | (2,985,345 | )   |   |   | - |   |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| Financing      activities:                                                                      |   |                                             |       |   |   |   |   |   |
| Proceeds from      due to related parties                                                       |   |                                             | 129,816    |   |   |   | 45,702 |   |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| Net cash      provided by (used in) financing activities                                        |   |                                             | 129,816    |   |   |   | 45,702 |   |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| Effect of      exchange rate changes on cash and cash equivalents                               |   |                                             | 5,551      |   |   |   | 13,655 |   |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| NET DECREASE      IN CASH                                                                       |   | $                                                | (3,370,685 | ) |   | $ | (11,711 | ) |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| CASH AT      BEGINNING OF PERIOD                                                                |   | $                                                | 3,375,449  |   |   | $ | 26,243 |   |
|                                                                                            |   |                                             |       |   |   |   |   |   |
| CASH AT END      OF PERIOD                                                                      |   | $                                                | 4,764      |   |   | $ | 14,532 |   |

| Supplemental      information |   |   |   |   |   |   |
|-------------------------------|--------|--------|--------|--------|--------|--------|
| Interest      paid            |   | $      | -      |   |   | $      | - |   |
| Income taxes      paid        |   | $      | -      |   |   | $      | - |   |

| Supplemental      disclosure of non-cash investing and financing activities: |   |   |    |   |   |   |
|------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Short term      debt offsets accounts receivable                             |   | $      | 117,224 |   |   | $      | - |   |

----

----

|                             | Period Ended December      31 |
|----------------------------------|-------------------------------|
|                             | 2009                          | 2008 |
| Desert Love      Story TV series | 293,267                       | 0 |
| Fox Hunting      TV series       | 879,800                       | 0 |
| Total                       | 1,173,067                     | 0 |

|                             | Period Ended December      31 |
|----------------------------------|-------------------------------|
|                             | 2009                          | 2008 |
| Desert Love      Story TV series | 293,267                       | 0 |
| Fox Hunting      TV series       | 879,800                       | 0 |
| Total                            |  1,173,067               | 0 |

----

Item2. ManagementsDiscussion and Analysis of Financial Condition and Results ofOperations

|                                                                | Three      Months EndedDecember      31, 2009($) | Three      Months Ended December      31, 2008($) | Six      Months EndedDecember      31, 2009($) | Six      Months Ended December      31, 2008($) |
|---------------------------------------------------------------------|--------------------------------------------------|---------------------------------------------------|------------------------------------------------|-------------------------------------------------|
| Revenue                                                             | 1,173,067                                        | Nil                                               | 1,173,067                                      | Nil                                             |
| Cost      of Revenue                                                | 1,173,067                                        | Nil                                               | 1,173,067                                      | Nil                                             |
| Expenses                                                            | 127,491                                          | 80,289                                            | 167,762                                        | 144,237                                         |
| Net      Loss                                                       | (127,491)                                        | (80,289)                                          | (167,762)                                      | (144,237)                                       |
| Net      Loss per Share - Basic and Diluted                         | (0.00)                                           | (0.00)                                            | (0.00)                                         | (0.00)                                          |
| Weighted      Average Number Shares Outstanding - Basic and Diluted | 39,750,000                                       | 39,743,000                                        | 39,750,000                                     | 39,743,000                                      |

----

----

| Description                                       | Estimated      Completion Date | Estimated      Expenses ($) |
|---------------------------------------------------|--------------------------------|----------------------------------|
| Legal and      accounting fees                    | 12      months                 | 300,000                          |
| Film and      television series development costs | 12      months                 | 8,500,000                        |
| Marketing and      advertising                    | 12      months                 | 300,000                          |
| Investor      relations and capital raising       | 12      months                 | 150,000                          |
| Management      and operating costs               | 12      months                 | 250,000                          |
| Salaries and      consulting fees                 | 12      months                 | 100,000                          |
| Fixed asset      purchases                        | 12      months                 | 1,500,000                        |
| General and      administrative expenses          | 12      months                 | 50,000                           |
| Total                                             |                           | 11,150,000                       |

----

Item3. Quantitativeand Qualitative Disclosures About Market Risk

Item4. Controlsand Procedures

----

PART II OTHER INFORMATION

Item1. LegalProceedings

Item2. UnregisteredSales of Equity Securities and Use of Proceeds

Item3. DefaultsUpon Senior Securities

Item4. Submissionof Matters to a Vote of Security Holders

Item5. OtherInformation

Item6. Exhibits

| ExhibitNumber | ExhibitDescription                                                                                                                                                                                           |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          | Certification of Chief Executive Officer pursuant to      Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of      2002 |
| 31.2          | Certification of Chief Financial Officer pursuant to      Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of      2002 |
| 32.1          | Certification of Chief Executive Officer pursuant to 18      U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002                                                          |
| 32.2          | Certification of Chief Financial Officer pursuant to 18      U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002                                                          |

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|                              | China      Media Inc.                                                |
|-----------------------------------|----------------------------------------------------------------------|
|                              | (Registrant)                                                         |
|                              |                                                                 |
|                              |  /s/      Dean Li                                               |
| Date:      February 12, 2010 | Dean      Li                                                         |
|                              | President,      Chief Executive Officer                              |
|                              | (Principal      Executive Officer)                                   |
|                              |                                                                 |
|                              | /s/      Ying Xue                                                    |
| Date:      February 12, 2010 | Ying Xue                                                             |
|                              | Chief      Financial Officer                                         |
|                              | (Principal      Financial Officer and Principal Accounting  Officer) |